Coca-Cola appears to be losing some of its fizz, as Americans swap sugary, high-calorie, sparkling drinks for healthier options.

The US drinks maker saw its revenues fall 3.6pc to $11bn in the fourth quarter, after a 4.2pc decline in sales in the North American market, which accounts for nearly half of its revenues worldwide.

The company blamed weak economic conditions, but analysts also pointed to an increase in the number of health-conscious consumers trying to cut back on calories and sweeteners.

Fizzy drinks have long been blamed as one of the factors driving a rise in obesity in America, and were thrust further into the spotlight last year when Michael Bloomberg, the former mayor of New York, waged a controversial battle to ban supersized, sugary drinks from sale in the city’s restaurants and entertainment venues.

The ruling was ultimately blocked by a judge, who claimed Mr Bloomberg was asserting more power than he was entitled to, but the former mayor’s successor, Bill De Blasio, is expected to resume the battle.

Coca-Cola has spent the past decade trying to offset the trend away from sugary drinks by introducing more low and zero-calorie versions of its beverages. However, many consumers are now trying to cut back on the artificial sweeteners used to flavour those alternatives as well, amid fears that they could have other adverse effects on their health.

Coca-Cola’s profits fell 8.4pc to $1.7bn in the fourth quarter, in line with analysts’ forecasts, while revenues missed expectations by nearly $300m. Shares in the drinks maker fell 3.4pc to $37.60 in morning trading in New York.

Muhtar Kent, chief executive, said: "While we move forward in what remains an uncertain global economy, the long-term fundamentals driving our business and industry have not changed. A rising middle class, greater urbanisation and increasing personal consumption expenditures in markets around the world will continue to drive greater demand for our beverages."

Coca-Cola is not the only fizzy drinks maker to suffer from Americans losing their appetite for sugary drinks. Last week, its biggest rival, PepsiCo, said sales of its carbonated drinks had fallen by "mid-single digits".